Questions tagged [internet goes down]

Elena Mon Sep 09 2024 | 5 answers 1367

Is it possible for the value of Bitcoin to plummet to zero if the Internet experiences widespread disruptions or outages? Could the dependency of Bitcoin on digital networks and online transactions make it vulnerable to such disruptions, potentially leading to a collapse in its value? And what measures, if any, are in place to prevent or mitigate such risks in the cryptocurrency market?

Carlo Mon Jul 08 2024 | 7 answers 1247

As a keen observer of the cryptocurrency landscape, I often ponder about the resilience of digital currencies in the face of potential disruptions. One question that particularly intrigues me is: Will people stop using bitcoin if the Internet goes down? After all, the decentralized nature of bitcoin relies heavily on the Internet for transactions, confirmations, and overall network connectivity. So, what happens when the all-important digital backbone that powers bitcoin falters? Would investors and users alike abandon bitcoin in such a scenario, or is there a contingency plan that ensures its continued usage, albeit with limitations? The answer to this question could potentially shape the future of bitcoin and its role in the global financial system.